Budget 2024: Double standard deduction to Rs 1 lakh and more on the table that need Nirmala Sitharaman's attention
Union Budget on July 23 in Parliament, standard deduction to Rs 1 lakh and increasing tax break among others are some of the expectations for the comman man that consultancy firm KPMG expects.
«There has been a significant rise in medical expenses, fuel costs and overall inflation. Keeping in mind the increase in personal expenditure it is popularly expected to enhance the standard deduction to Rs 1 lakh from the existing limit of Rs 50,000,» said the firm in a note.
The Union Budget will be Prime Minister Narendra Modi-led coalition government's first major policy announcement after the 18th Lok Sabha polls.
With the objective to have more net disposable income which can either be spent on consumer goods or channelised as savings, it is a popular expectation that the basic tax exemption limit under the default new tax regime be increased to Rs 5 lakh from Rs 3 lakh, it said.
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With regard to housing loans, the firm believes said there is mounting pressure on the real estate sector with recent hikes in interest rates and regulatory reforms.
To solve these
